United States Fourth Circuit

In a securities fraud action, dismissal of the complaint is affirmed where plaintiffs failed to adequately plead scienter under the Private Securities Litigation Reform Act. However, the "with prejudice" aspect of the dismissal is reversed where: 1) plaintiffs did not act in bad faith; 2) the filing of an amended complaint would not prejudice defendants; and 3) amendment would not be futile.

Appellate Information

• Decided 07/31/2009
• Published 07/31/2009

Judges

• Before MICHAEL, KING, and AGEE, Circuit Judges.

Court

• United States Fourth Circuit

Counsel

• For Appellees:
  
• ARGUED:  Solomon B. Cera, Gold, Bennett, Cera & Sidener, L.L.P., San Francisco, California, for Appellants.  Richard Louis Brusca, Skadden, Arps, Slate, Meagher & Flom, L.L.P., Washington, DC;  Robert A. Van Kirk, Williams & Connolly, LLP., Washington, D.C., for Appellees.   ON BRIEF:  Pamela A. Markert, Kenneth A. Frost, Gold, Bennett, Cera & Sidener, L.L.P., San Francisco, California;  Steven J. Toll, Cohen, Milstein, Hausfeld & Toll, P.L.L.C., Washington, D.C., for Appellants.  Jennifer L. Spaziano, Skadden, Arps, Slate, Meagher & Flom, L.L.P., Washington, DC, Charles Wm. McIntyre, McGuirewoods, L.L.P., Washington, D.C., for Appellees BearingPoint, Inc., and Robert S. Falcone;  Steven M. Pyser, Williams & Connolly, L.L.P., Washington, D.C., for Appellee Randolph C. Blazer.